Business
Cantex Closes Private Placement
Cantex Closes Private Placement Canada NewsWire KELOWNA, BC , Oct...
About this update from Cantex Mine Development Corp.
[{"type":"text","content":"\n \n \n \n Cantex Closes Private Placement\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n KELOWNA, BC\n \n ,\n \n Oct. 21, 2021\n \n /CNW/ -\n \n Cantex Mine Development Corp.\n \n (TSXV: CD) (the \"Company\") announces that, further to its news release of\n \n October 5, 2021\n \n announcing a private placement (the \"Offering\"), the Company has closed the Offering and has received\n \n $4,200,000\n \n by the issuance of 8,400,000 flow through units (the \"FT Units\") at a price of\n \n $0.50\n \n per FT Unit, each FT Unit comprised of a flow through share and one-half of one non-flow through warrant; with each whole warrant entitling the holder to acquire one common share of the Company at a price of\n \n $0.65\n \n for a term of two years from closing.\n \n \n Proceeds from the Offering will be used to fund upcoming drill programs on the Company's North Rackla Project in the\n \n Yukon\n \n .\n \n \n The Company paid\n \n $203,400\n \n in finders fees in connection with Offering.\n \n \n The securities issued in the Offering are subject to a four month hold period.  This hold period expires\n \n February 20, 2022\n \n for 5,220,000 shares issued and\n \n February 22, 2022\n \n for 3,180,000 shares.\n \n \n \n 0974052 B\n \n .C. Ltd. (\"BC Ltd\"), a company over which Dr.\n \n Charles Fipke\n \n , the Chairman and a control person of the Company exercises control and direction over, subscribed for 800,000 FT Units for a total subscription price of\n \n $400,000\n \n . BC Ltd acquired the FT Units for investment purposes. The Offering and the acceptance of the subscription by BC Ltd was approved by unanimous resolution of the board of directors of the Company with Dr. Fipke declaring his interest in the resolution and abstaining from voting. There was no formal valuation of the Company done in connection with the Offering nor has there been such a formal valuation in the past 24 months. The Company relied upon the exemptions contained in Section 5.5(b) and 5.7(b), of Multilateral Instrument 61-101 (\"MI 61-101\") to a...